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Hi all,
Googling hasn't yielded much here so I thought I'd turn to the hivemind.
I'm transitioning from fellow to faculty July 2021 and am trying to figure out if I can contribute directly to a Roth this year. My salary will be going from about 82K to 157k (putting me around 120k base salary for the year), plus I will have some moonlighting income and an NIH loan repayment award that will also count as income, so I will very likely be right in that phase-out zone of income. I'm a bit confused about whether the Roth IRA contribution limit is based on the prior year of income (i.e. my MAGI from 2020 tax return) or what I expect my MAGI to be this year, which will likely be somewhere in the phase-out zone or higher.
Thinking this might be the year to have to start doing a backdoor Roth but wondering if I can still do this one last time...
Googling hasn't yielded much here so I thought I'd turn to the hivemind.
I'm transitioning from fellow to faculty July 2021 and am trying to figure out if I can contribute directly to a Roth this year. My salary will be going from about 82K to 157k (putting me around 120k base salary for the year), plus I will have some moonlighting income and an NIH loan repayment award that will also count as income, so I will very likely be right in that phase-out zone of income. I'm a bit confused about whether the Roth IRA contribution limit is based on the prior year of income (i.e. my MAGI from 2020 tax return) or what I expect my MAGI to be this year, which will likely be somewhere in the phase-out zone or higher.
Thinking this might be the year to have to start doing a backdoor Roth but wondering if I can still do this one last time...
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